L.A. real estate news and insights.
Here is the cheapest condo sold this week in LA.
Asking price: $299,000
Selling price: $290,000
This 2nd-floor studio has 0 bed/1 bath, and 450 sq. ft. of living space.
The unit has a murphy bed, kitchen, breakfast area, and full bathroom.
The building amenities include a rec room, laundry room, and gym.
Do you think a studio condo is a good investment?
This is down from 9% last year, signaling a cooling in the real estate market. Do you think it will be 25% by the end of June?
Here is the most expensive home to sell this week in Studio City.
Asking price: $2,299,950
Selling price: $2,260,000
There were 63 property sales in Burbank for May 2019.
On this episode, I answer the following four real estate questions:
1) Can I sue the previous homeowner if the neighborhood where the home is located in turns out to be very noisy?
2) The buyers for my home want to move in before we close escrow. Should we let them?
3) I need to drill a couple of holes to install a security camera outside my condo door. Do I need to have that approved by the HOA?
4) Is doing a final walk through a requirement?
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As long as you and the listing agent agree on the given amount of time, your listing agreement can be however long you want it to be.
When you list your home for sale with an agent, the first thing you need to do is determine how long you are going to give that agent an opportunity to sell your home.
The length of time is determined by you and the agent.
Nothing is set in stone.
You can do a year, 6 months (this is average), you can even do a 1-day listing agreement.
I have done plenty of 1 day listing agreements.
I use that when I want to show a home 1 time to 1 of my buyers.
If the buyer refuses to send cash as their deposit, find another buyer.
Remember, the deposit is sent over within the first 3 days of opening escrow.
If the buyer is this difficult to work with just 3 days in, imagine how hard it will be for the rest of the 30 day escrow period.
As soon as you accept an offer for someone to buy your home, the buyer has to send over an all-cash good faith deposit.
This deposit is typically 3% of the purchase price of the property and is held by the escrow company in an escrow account just in case the buyer breaches the contract and you want to try to collect for damages.
If the buyer wants to send over anything but cash as their deposit, say no!
I have heard of buyers trying to use necklaces, #Rolex watches, and all types of other items for their deposit.
There are a few problems with this.
1) Will the escrow company hold a physical item as a deposit?
2) What is the true appraised value of the item?
3) Is that item real and authentic?
Because so many problems can arise out of this, only accept cash as your deposit.
If the buyer refuses, find yourself another buyer.
On this episode, I answer the following four real estate questions:
1) The buyer for my home wants to use their Rolex watch as their good faith deposit. Is that even possible?
2) How long does a listing agreement usually last?
3) How many homes should I view before buying one?
4) My lender told me I will have to pay PMI. What is that?
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Your friend told you they were thinking of selling their home.
What do I have to do for you to refer me to that friend?
Text me at 818-445-7953.
Thank you!
On this episode, I answer the following four real estate questions:
1) Do you think home prices have gone up in value so far in 2019?
2) What should I expect to happen as I get closer to closing escrow on our home?
3) We are in the middle of buying a house right now. When does the title get transferred over to us and we officially become the owners of the home?
4) Once we close escrow, when do we turn over possession of my home to the buyer?
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